The Federal Competition and Consumer Protection Commission (FCCPC) has begun a phased enforcement of regulatory measures against Digital Money Lending (DML) operators that failed to regularize their operations under the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025 (DEON Regulations). In a statement issued on Wednesday, the Commission’s spokesperson, Ondaje Ijagwu, said the…
Nigeria’s banking sector is undergoing one of its most transformative periods in decades. In March 2024, the Central Bank of Nigeria (CBN) introduced new minimum capital requirements for banks, giving them until 31 March 2026 to raise additional capital. The aim is to create larger, more resilient banks capable of supporting major projects, strengthening the…
Banks will begin deducting a 7.5 percent value-added tax (VAT) on banking services—including point-of-sale (POS) transaction fees and mobile transfer charges—from January 19. In a notice to customers, Moniepoint Microfinance Bank said the deduction follows a government-approved regulatory directive. The VAT applies to service charges, including the ₦50 stamp duty, but does not affect the…
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has revealed that he is facing life-threatening risks due to his role in implementing sweeping tax reforms in Nigeria. Oyedele made the disclosure while speaking at a public event in Abuja on Tuesday, January 13, highlighting the challenges of introducing reforms…
A Libyan phone dealer has finally received a shipment of Nokia mobile phones he ordered back in 2010 — a full 16 years after placing the order. The phones reportedly got stuck in warehouses after Libya’s civil war broke out in 2011, which crippled logistics, disrupted customs operations, and created long-term security challenges across the…
Two currency exchange dealers were killed when suspected terrorists attacked the Durusar Gawo currency market in Kurdula District, Gudu Local Government Area of the state. The spokesperson of the State Police Command, DSP Ahmad Rufa’i, confirmed the incident in a statement issued on Sunday, January 11, 2025. According to him, the attackers struck around…
Taiwo Oyedele, chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has assured Nigerians that the newly approved tax reforms will not lead to automatic debits from personal bank accounts. Speaking on Channels Television’s end-of-year programme, Oyedele said no tax authority anywhere in the world has the capacity to pursue every…
Despite objections from various quarters, President Bola Tinubu has affirmed that the reformed tax laws will take effect as scheduled on January 1, 2026. The President made this known in a statement released on Monday night, December 30. He described the tax reforms as a once-in-a-generation opportunity to establish a fair, competitive, and resilient…
Google just unveiled a new feature for Gmail users who are still stuck with their embarrassing email addresses from years back. In a long-requested change, account holders can now replace their existing @gmail.com address with a new one while retaining all data and services, according to an update to Google’s account help page. However,…
The Nigeria Labour Congress (NLC) has urged Nigerians to reject any tax law that “was distorted or falsified”, emphasizing the importance of inclusivity and fairness in the formulation of fiscal policies. The labour body stressed that laws affecting workers must be carefully crafted to avoid serious errors or political manipulations that could harm…
